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Summary of European History From Renaissance to Present A sharp break with medieval values and institutions, a new awareness of the individual, an awakened interest in the material world and nature, and a recovery of the cultural heritage of ancient Greece and Romeâ??these were once understood to be the major achievements of the Renaissance. Today, every particular of this formula is under suspicion if not altogether repudiated. Nevertheless, the term Renaissance remains a widely recognized label for the multifaceted period between the heyday of medieval universalism, as embodied in the Papacy and Holy Roman Empire, and the convulsions and sweeping transformations of the 17th century. It was a period of vigorous economic expansion. This expansion in turn played a major role in the many other transformationsâ??social, political, and culturalâ??of the early modern age. The bonds of commerce within Europe tightened, and the â??wheels of commerceâ?? spun ever faster. The great geographic discoveries then in process were integrating Europe into a world economic system. New commodities, many of them imported from recently discovered lands, enriched material life. Not only trade but also the production of goods increased